Guideline Value for Vishal Nagar

Vishal Nagar guideline value

The current guideline value of Vishal Nagar, located in Pothur village under the Redhills SRO, is Rs 440 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class II Type - I.

How the guideline value of Vishal Nagar has changed

The guideline value for Vishal Nagar has seen several revisions over the years. In 2002, the value was Rs 190 per sq.ft, which increased significantly to Rs 20 per sq.ft in 2003. Following that, the value rose dramatically to Rs 200 per sq.ft in 2007, and then doubled to Rs 400 per sq.ft in 2012. However, it dropped to Rs 268 per sq.ft in 2017 before rising again to Rs 400 per sq.ft in 2023. The most recent revision in 2024 has set the guideline value at Rs 440 per sq.ft, marking a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 132%. The changes between the revisions show significant fluctuations, such as a 900% increase from 2003 to 2007 and a 49% increase from 2017 to 2023. Notably, there are no figures for Vishal Nagar for the years not mentioned in the register.

Guideline values in Pothur

In Pothur village, there are 98 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 330 to Rs 2,000 per sq.ft, with a median value of Rs 550 per sq.ft. Vishal Nagar's 2024 guideline value is below this median.

• Vinoth Mishra Nagar: Rs 550 per sq.ft (2024)
• Vivekananda Nagar: Rs 330 per sq.ft (2024)
• V.L. Nagar: Rs 550 per sq.ft (2024)
• Vijayalakshmi Nagar Extn.: Rs 550 per sq.ft (2024)
• Vijayalakshmi Nagar Extension III: Rs 550 per sq.ft (2024)
• Vijayalakshmi Nagar Extension - II: Rs 550 per sq.ft (2024)

Stamp duty and registration fee for property in Vishal Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 440 per sq.ft, the total guideline value would be Rs 4,40,000. The stamp duty at 7% would amount to Rs 30,800, and the registration fee at 2% would be Rs 8,800, bringing the total fees to Rs 39,600. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vishal Nagar?

The Sub Registrar Office that covers Vishal Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Pothur

The guideline value plays a crucial role during the registration of property transactions in Pothur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property in the area.

When a property is sold, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions, reflecting the value of the property in the current market.

Frequently asked questions

What is the current guideline value of Vishal Nagar?

The current guideline value of Vishal Nagar is Rs 440 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 190 per sq.ft in 2002 to Rs 440 per sq.ft in 2024, showing an overall increase of 132%.

What is the land classification for Vishal Nagar?

The land classification for Vishal Nagar is Residential Class II Type - I.

What are the stamp duty rates for property in Vishal Nagar?

The stamp duty for property in Vishal Nagar is charged at 7% of the guideline value or the sale price, whichever is higher.

Which office handles property registrations in Vishal Nagar?

The Redhills Sub Registrar Office handles property registrations for Vishal Nagar, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.